A Memorandum of Understanding between the Governments of Turkmenistan and the United Kingdom of Great Britain and Northern Ireland on Sustainable Economic Development was signed by the parties on Tuesday, June 30.
The ceremony was held at the Ministry of Finance and Economy of Turkmenistan, where during a meeting with British Ambassador Hugh Stanley Philpott, issues of trade and economic cooperation were discussed.
The adopted document stipulated that both countries intend to develop cooperation in strategic sectors and develop a basis for developing partnerships to finance projects in Turkmenistan related to exports from the United Kingdom.
The project will be supported by the Export Credits Guarantee Department (UKEF), which has confirmed its interest in this commercial dialogue.
The memorandum specifies that all financing mechanisms will be implemented in accordance with the Organization for Economic Cooperation and Development (OECD) agreement on officially supported export credits and other OECD requirements.
– This document will make it possible to expand the range of Turkmen-British cooperation, including investment in priority areas and projects in the economy of Turkmenistan, and attracting British imports. In addition, the memorandum will intensify contacts in the financial sector, said Galina Romanova, the Consolidated Public Finance and Economic Policy Department Head at the Ministry of Finance and Economy of Turkmenistan.